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tv   Bloomberg Best  Bloomberg  March 25, 2017 8:00am-9:01am EDT

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fedfed coming up, the stories that shaped the week in business around the world. a shocking attack rocks london. the health-care battle continues in washington. the u.k. and the european union set dates to deal with brexit, and the trump trade hits a speed bump. >> it is like someone flipped a hands off. said >> i am asking, what is the rush to raise rates? >> trade and finance ministers push back. with then discussion
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u.k.. >> if what is on the table is something that is not good from mexico -- four mexico, mexico will step away. >> tech leaders push forward with plans locally and globally. moonshot, 5for a million. >> 12,000 a day. 12,000 a day. rishaad: hello, and welcome. i am a shot salaam it. best" thisoomberg week was marked by intense political dispute and startling events from washington, westminster, to the points in between, with a significant impact on financial markets.
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on monday, attention focused on capitol hill. oliver: fbi director -- joe: fbi testifiedames comey on the russian interference in the election, and alleged wiretapping. mr. comey: with respect to the president's tweets about wiretapping from the previous information, i have no information that supports those tweets. joe: what is the number one thing we know right now that we did not know yesterday? --a couple of things director comey's admission that there has been an investigation since july is causing a lot of democrats to gnash their teeth, and then this blanket denial that there is evidence to support the assertions that president obama had truck tire
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wire -- trump tower wiretapped -- those are things people have been talking about. the director of yes the are putting that on the record in front of congress, it makes a big difference. matt miller: the top five contenders for the french presidential stage took -- took stage. ms. le pen: the best way to send a signal that we can not offer you anymore is to conduct a suction pumps of immigration. >> the trend you are falling into with your provocations is to divide society. mark: the euro did well. what is the move telling us about market positioning right now. was steady and gradual all night. it wasn't a sudden spike after
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the debate. it implies investors are waiting to see what the poll reaction is, what the reports are. that implies it has more room today. there is not immediate resistance. implies more upside as well. that is after a break on friday. it negates the bearish signal which makes it even more positive. scarlet fu: stocks, the dollar, government bond yields retreating as investors pull back on the post-election trade. tranquility was shared as it -- as the s&p 500 declined the most in two months. isn't he hundred losing 30 points. the nasdaq off by 1.8%. five people what is causing it, and you get 10 different reasons. the market has gone so long without a noticeable dip. -- the longest streak
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since 1995. it is like somebody flipped a switch that said risk off. >> the has been months of improving sentiment and data. i think given that the stock market has added several chilean dollars in market capitalization on the back of all that good news, anything that would raise the specter of slippage in the timetable toward fiscal form of some kind, the fiscal package, might cause doubts to creep into the market, and i think that is what we are seeing today. mark: breaking news in london. shots have been fired outside of parliament in westminster here. at least two people are being treated according to a bloomberg reporter on the scene. police have said it was a terror attack. when a carck started was driven over westminster
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bridge. the car then crashed near parliament, and at least one man armed with a knife continued with the attack. >> lawmakers were kept in the building for hours. may was voting at the time. she was with the way in a jaguar. >> the location of the attack was no accident. chose to strike at the heart of our capital city. were people of all nationalities, religions, and cultures come together to celebrate the values of liberty, democracy, and freedom of speech. >> london's force attack in more than a decade left quadrant people dead. police have made seven arrests. >> we heard from the commissioner earlier this morning saying the arrest and the investigation i continue. -- continues.
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they do believe that he acted alone. they are asking the media not to disclose the name of the attacker while the investigation continues. do, ifwhat does this anything, to the brexit negotiations? >> i don't think it does much to the brexit negotiations. most people do not see that battleground, if i could use that some sort of unfortunate phrase at the moment. the main arguments in the european union really have to do with economy, trade, so on. on the security side, the only issue around the corner is you begin to touch immigration him about this guy was born in britain. there are not obvious ways into the argument. there might be briefs with individuals looking to see what there is. : bloomberg has confirmed the house will not vote today, and the discoveries
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with paul green has been postponed indefinitely. >> i heard moments ago from a senior republican source there will be no vote tonight. this is a huge setback for speaker paul brian and president donald trump. they have been barreling toward this moment not just for a few months, but for seven years as a public and have been promising to repeal and replace obamacare, and they do not have the votes. they are getting squeezed on both ends. conservatives want to move this to the right. some moderates are unhappy with the level of cuts to government subsidies, medicaid. balancing those demands out was always going to be a monumental task, and it is proving probably tougher than republican leaders had expected. >> president trump has made to the ultimatum tell them to pass the health care bill or keep obamacare. when is the vote? >> all signs are indicating the vote will be held today. i can tell you outside conservative groups, such as
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americans for prosperity, and outside conservative group is urging them to take their time, wait a couple of days, continue working through differences, however this is becoming a test for president trump testing members of the freedom caucus and conservatives about where their loyalties lie. oliver: house gop leaders are confident they have enough votes. you have paul ryan running back and forth, the idea they don't have the votes -- is this done, or is there room left? are 30 hase republican senator express sentiments they are not satisfied with the endorsement endorsed by treasury -- endorsement by president trump. this has become a contentious issue and it threatens all of president trump's legislative agenda, including health care reform. scarlet: they have canceled the vote. i spoke with the
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president moments ago. i will not sugarcoat this, this is not -- this is a disappointing day for us. >> the speaker was very aware of the feelings in the far conservative, tea party caucus movement of the party. i think they miscalculated how tightly that group was going to lock behind this. i think there was an assumption by the president, gop leadership, by those in the administration, that they were in power, and they could steamroll people into following them. trump: i have had a great relationship with the republican party, and it seems both guys -- both sides like trump. i will not speak badly about everyone in the party, but certainly there is a history. i think paul really worked hard, and i would say that we would probably start going very, very strongly for the big tax cuts and tax reform. that will be next.
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>> as we review the week, timely talk about trade and tax, and discussion about commodities with ceos with plenty of skin in the game. coming up, more top business headlines. over tries to scare out of a skid, but one topics of beautiful not be along for the ride. >> his role never lived up to what it was advertised as. this is bloomberg. ♪
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rishaad: this is "bloomberg best." i am rishaad salaam it. the top business stories -- in europe, this engagement with the eu has become more clearly defined. jonathan ferro: the united kingdom will begin proceedings to exit them -- european union on march 29 according to the
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spokesperson. how does this rollout from here, potentially for the next two years? >> one of the first questions is going to be -- matt miller: one of the first questions is britain is to pay up, before you need to club -- leave the club, right? the europeans might demand that of them. mark barton: u.k. prime minister theresa may seen leverage slip away as she files for divorce from the european union. leaders are rain -- arranging a summit for brexit talks on april 29, canceling talks to hold it earlier. how does that affect the timetable for brexit. matt: it will drag along and be mayicult for prime minister
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to deal with peerless the summit will layout guidelines for the way commissioners want to deal with brexit. it will go to the use -- eu commission, take the framework, and pull directives out of that. then it goes to the general affairs council, and they will put those directives into a law of sorts for the european union to negotiate based on. that will take a while. it could be until june, possibly later, until the eu is ready to negotiate with the u.k., and that takes at least two months, maybe more out of theresa may's timeline. >> one of the most powerful families and south korean business facing court today. it is the lots a group finder and his three eldest children accused of embezzlement and other criminal charges. this trial is not connected to the ousting of the president. what is it about? >> it is unconnected, but gets
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to a broader issue related to corporate corruption. they are the fifth-largest conglomerate. they own belgian chocolates, the palace hotel, hotels, supermarkets -- there have of cozyeen allegations business relationships in government, and in this case, while it doesn't involve the president, it basically involves allegations that they have embezzled money -- tax evasion -- a host of corruption allegations that have been widespread here. >> uber has confirmed the president is leaving the company. reports of sexual harassment, to the competitive nature. >> when they brought him in, he was a big higher -- they're are
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going to make the ridesharing more marketing savvy. about an are talking adult in the room, a clo. it is an effective the motion. so, i think his role never really measured up to what it was really advertised as when he was hired. let's turn the attention. >> the enlarged group will be more than twice as big as at&t by subscribers. talk us through the significance of the deal -- it has been talked about for a while. unit will create 95 that will have three or -- entity that will have 395 million subscribers. vodafone has invested nearly $7 billion in its india entity for a long time. it has been consistently losing
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money. an opportunity to catapult to the big league, overtake the existing number one player, and put them in a slightly better position, and hopefully they will start making money. this is a big one as far as consolidation of the sector is concerned. the u.k. has joined the usn band large electronic devices from flights from certain middle eastern and african countries. they must check baggage after washington suggested terrorists are planning innovative new attacks. how are the airlines reacting to this? interestingly enough, you would have thought >> airlines would of -->> interesting the enough, you would think they would've come out more aggressive, or play the protectionist card. emirates came out with a tongue-in-cheek response -- we have 2500 channels you can watch, who needs laptops?
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everyone is in the contingency planning, seeing how they will come to terms with this. -- ie: 10 -- faces rising competition in the mobile gable -- gaming market. >> they just barely miss on earnings and revenue because this cost of revenue jumped nearly 60% from the year before. i think investors are ok to take a hit on profit margins at this point because they see a lot of growth in other revenue streams. they are not just relying on the old growth engine of mobile gaming, but they have been expanded into class computing, mobile payments, a lot of new content, and the video business as well. julie: shares of disney getting a boost after ceo bob iger agree to a contract extension that will keep him on top of the
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company until 2019 -- an extension of a year. it was not unexpected he would stay on at the helm of the company, especially since it seems like they are finding a tough time to replace him. >> clearly the succession plan the company spent 10 years crafting fell apart when tom staggs and left the company in a lurch. i don't think they had a plan b. what they have been doing is try a entice bob iger to stay on little longer, to buy the company more time to identify a successor here. matt: we want to bring you an exclusive bloomberg story -- credit suisse considering selling more than $3 billion of stock. let's get the details of this. they were going to ipo this with unit. now they are thinking after deutsche bank went and raised money, we can do the same thing. >> that is right -- conditions
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have changed. when they set out with the plan, it was a year-and-a-half ago, and conditions were different. it was quite a split for the banks more generally. thee then, the capital look, especially more recently, has been stronger than anticipated to shares have been holding up. the option is not realistic. it would not have been on the table 18 months ago. bucksan: credit suisse the trend -- handing out bonuses in 2016 at a time when peers are downsizing bonus pools. why is credit suisse able to do something others have not been able to deliver on? >> part of that relates to the legal issues credit suisse has been facing and the settlements they managed to reach with u.s. authorities were not as severe as the case of deutsche bank, for example. wealth management business, while facing struggles last year, is still -- it consumes less capital, and the bank's capital position isn't quite as worrying as some of the
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other european banks. ♪
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rishaad: welcome back to "bloomberg best." fed speak was in the air with janet yellen and other officials making public comments on u.s. monetary policy. minneapolis fed president neil voice.ari was the only stance in anhis interview with daybreak america. >> we are saying we are data dependent. let's look at the data. we have a tool mandate on stable impression, inflation, and let's
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see with the data tells us to it i opposed to raising rates when the data tells us we are moving toward the dual mandate target. the data is moving sideways. so i am asking, what is the rush .o raise rates jonathan: is this a difference in degree, or a difference in kind? mostly in degree, but when we look at how they have behaved, everyone of the inflation forecast in terms of the summary of economic rejections we get it out, everyone of our median forecast has been wrong, always expecting inflation around the corner, and always been surprised when it is not. repeating thes same mistakes over and over again because implicitly we are behaving as if 2% is a ceiling rather than a target. i hope to remind colleagues let's take a step back, not repeat the same errors. when the data calls for it, then we should remove accommodation.
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>> what would be the best way to react to that? if you are acting like it is a ceiling, not a target, what should the fomc be doing instead? our core measure is 1% -- it has been that way for several months. the target is 2%. target,get is really a 1.7% should not be more concerning than 2.3%. should be able to bounce around 2%. if that is the truth -- what we believe, why are we raising rates when the job market continues to be strong? the ecb has a 2% ceiling, so that is not an irrational position to take, but we should decide as a committee is it a target, a ceiling, and then behave that way? we have announced it is a target couple we are not behaving like it is a target. x: on the flipside, do you
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need to raise the inflation of theto 3% for the rest fed to get the message? neel: i don't think so. we need to be disciplined. there are many different measures -- cpi, all of these adjustment measures, and you could look at monthly data, quarterly, or annual data, and on any given month this stuff moves around. you could jump around and tell whatever story you want. for me, that tells me we need to be disciplined picking whatever dataset we think is most informative, and sticking to it, not being blind to what the other data are showing us company not picking and choosing just to tell the story we want to tell. rishaad: coming up, we replace some interviews with titans of tech. it chief executive talks about a new initiative in china, and a look at how internet giant baidu is holding off hackers, but next, the eu could be at risk of unraveling. a former italian prime minister
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tells us how it can be saved. >> leaders of the member states will have to really get there act together. rishaad: this is bloomberg. ♪ live-stream your favorite sport
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at the airport. binge dvr'd shows while painting your toes. on demand laughs during long bubble baths. tv everywhere is awesome. the all-new xfinity stream app.
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xfinity. the future of awesome. rishaad: you are watching "bloomberg best." political volatility escalated this weekend many parts of the world. set at the g-20 when the joint communique did not extensively reject protectionism, raising the level of tension on trade. interviews throughout the week of bloomberg television addressed these pressures. where the eue year and the year -- eurozone could unravel? monti: there is a risk --
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let's face it, there is a risk. this is an occasion where the leaders of the member states will have to get there act together, have a vision for the future, but to me, the fundamental factor which will decide whether the eu will one day unravel or not is whether national politics and member states will continue to drift nationalism, populism, or whether we will go back to a sense of historical responsibility because the eu -- been an historical achieved a lot for europe, and as a side victim of irresponsible political behavior in most national countries. there is a lot of confusion about this course of different voices not really speaking in
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concert from the u.s. administration about protectionism, trade terrors. is there a concern from australia's perspective of this with flash messaging of who is driving policy and what the policy is? i do not want to state the impact, but of course it has an impact. will help to strike where, globally, different economies go, but by the same token, my focus is on making sure we continue to open up new opportunities. i'm in discussion with the u.k. about a post-brexit australia-u.k. free trade agreement. we are nearing the final stages with the european union for an eu-australia trade agreement. i have a high-priority on discussions with indonesia, and i was pleased off the back of meetings in chile that we got a colombia,stralia and
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chile, mexico, peru, being able to do a trade deal with those countries as well -- all of these are options on the table that i will be pursuing. policy willd states have huge impact, not only for the u.s., but for the rest of the world. emphasizing on a fair and inclusive trade is actually a commitment, because many countries are not able to compensate those losing from globalization properly, and that creates resentment. and weakening support for the global trade. were you disappointed, then, the kim indicated not include a specific pledge to -- the communique did not include
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specific pledge to reject protectionism? >> we hope it was stronger. this is not a new statement. the leader meetings had a much stronger and explicit comment among the leaders of the g-20 economy to maintain this kind of , and resisting, again, protectionism, because it is not only good for a particular country -- it is good for the world. i am just back from china. there is no bigger strategic and economic gift we could give china than for the united states to move away from nafta. formery summers, treasury secretary, told me right here in acapulco earlier today -- or described the future for america without nafta in dire terms. would you describe the future without nafta in similarly dire
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terms, either for america 04 this country? >> i think we have to prepare for all scenarios, and if what is on the table is something that is not good for mexico, mexico will step away from nafta. we are members of the wto, the world trade organization. trade between mexico and the u.s. would be ruled by wto, and we certainly -- there would be a future. we doubt that. the question is why would we want to do that? why would the u.s., mexico, canada want to do that if we could have a trade deal that could be much improved in benefit of the three countries? so, yeah, you would have to plan for different scenarios, but it is so strong a case that creating value for the three cents, creating jobs, that is the case. if common sense is not prevail, and it is not a
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win-win, in other words, if the win part does not accrue enough to mexico, you're prepared to say we are not part of this any longer. >> absolutely. rishaad: commodities also struggling well oil prices fell indices rose. >> when we speak to a lot of the ceos, there is contention about how much global demand will actually increase. where do you stand on this? when we look at the oil markets, --see two important trends first of all, oil demand will continue to increase this year, and for a few years to come. we don't see a peak of oil demand growth driven by china, and more and more by india. it is driven by cars, trucks,
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and industry. this is very clear to us. the second trend that is also important in the oil market to note is the u.s. shale oil is making a strong comeback, as we have foreseen a couple of quarters ago. believe,ing to see, we a major boom of u.s. oil production, and more portly, production in terms of the numbers -- u.s. shale production. tom keene: how fragile is a price decline? how likely are we to see a price break in oil? >> we see a significant chunk of the shale oil process -- project making sense, but if it goes lower, we may see production growth might be weaker, but
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there is also an upside. if the price goes to $70, $80, we might see shale oil production growth might be much stronger than we and others currently anticipate. >> does the oil industry you are in now have a future if the oil trade is to believe that we will be between $50 and $60 a barrel for a long time? >> actually. the whole industry has restructured for a lower price, and we just finished a deal with bp, what are taking over assets in the north sea, and those, clearly, also would run at lower prices and higher efficiencies. at abouteen growing 70% annual growth per year, and we will continue to growth. the oil business will be around for a long time. i think the industry is starting
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to see green shoots of comingents all around -- out of the u.s., an increase of 5000 barrels a day. the supply side looks healthy. the iea has come out with additional -- on the demand side, showing demand is also increasing. hopefully we will get some reduction of the additional supply that is on the market. >> we will pursue m&a only if it creates value for shareholders. smart is very important. when i look at some of the in chile, ortions, even in the u.s., i think the price, the value realized -- we are good for the sellers. i am not quite sure for the buyers. m&a on top of the list today -- the answer is no. >> we are here in china.
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you are talking to business leaders and lawmakers. what sense you get from them in terms of the demand of iron ore? >> the economy will change. there is a clear push to reduce pollution, restructure the steel business, but that is not a bad thing for us at rio tinto. restructuring the industry does not mean the output will reduce. down thet will shut polluting, and then you will have music to my ears. you focus ony did the property sector? at construction -- construction, if a structure, rail -- some that the chinese
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government are looking at, and it is fair to say that some of those metrics are moving in the right direction. so, we have plenty of access are supplying we iron ore, copper, even diamonds. placing product -- actually not appear once again, i am not concerned for this year. ♪
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cory: news out of apple -- the tech company introducing a special edition red iphone seven, that will help fund the fight against aids, and they will also revamp the ipad at the lowest price yet. what is interesting about it
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is the margins on the ipad are worse than on the laptop, so one would imagine apple would be laptops, to be selling but the difference is you have apps, so it is a way of driving more revenue. it is a way of getting the tool in customers hands and hoping they will be spending the money with it. rishaad: technology companies have been at the center of some of the most important debates in business recently, including trade policy, workforce the moment, and immigration. this week, bloomberg's caroline hyde caught up with prominent executives and discuss how they are meeting these complex challenges. >> the workforce will dramatically change over the next one or two decades and it will be driven a lot by artificial intelligence -- these changes. to starthy we need
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retraining and new types of job development before this technology really hits, and i called for a moonshot -- 5 million apprenticeships in the united states based on a lot of the things we learn from countries -- you were based in germany and switzerland. we could bring that to the united states and improve the quality of our work worse, and i hope our u.s. government listens and creates the moonshot. caroline: you think the support system -- do think everyone can be retrained at the end of the day? >> absolutely. there are so many vehicles to educate people. especially here in the united states. phenomenal opportunities at committee colleges, k-12 systems, and workforce the moment programs already. there are so many people ready for these next-generation jobs. i look at the things we're doing with veterans -- bringing them into our country, reach raining them. on the bigger picture, salesforce will create 2 million jobs in ad $400 billion to the gdp by 2020, so we are really
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focused on creating these new jobs, getting people ready for salesforce jobs, and creating platforms for that is so important. i think apprenticeships are the key, and also automation and one-on-one. caroline: you are looking at hiring a lot, and growing. you have been an inquisitive company. does that remain? wasast year i thought it clear there was a window open for m&a activity, and we took advantage of the window. we bought a phenomenal company, the number one company in commerce, and we delivered commerce solutions to so many amazing company's around the world. $2idas will do $1 billion to billion in e-commerce on the salesforce platform this year, and amazing private companies as well, like quip, this carnival productivity tool. a lot has happened, as you know, this year, which is the markets are roaring, so the m&a windows
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have really narrowed, and because the m&a windows have narrowed, i just don't see us doing a lot of m&a this year. have a very large business in china -- we run all of ibm's it is ibm's business there. we were one of the first people we have been there over 35 years in china -- a very well respected that -- brand. partner to the banks. they are some of the most sophisticated operations and require volumes that are unbelievable to manage. what we will do is power. if you don't know much about wanda, wanda is one of the most successful private companies in china -- great attitude, agility, skill, and wanted to move for, and they have a huge business on this cloud. it will be both a customer of the cloud and a partner in the cloud, and it will be great footing, i believe, because they have a big ecosystem in addition to the ibm clients.
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so both our ibm clients in the large ecosystem around wanda coming together. i look for to that being a successful partnership. it is our first partnership there. onoline: do you have a view how dominate you want china to be in terms of revenue stream? , about china,oud you see two models -- you see these very large, as you know, state owned enterprises, or just large enterprises, and then it is really trying to build in power and entrepreneurial segments. 12,000 startups a day in china -- you really do need to look at those markets differently, and support them both. that is what this cloud will do. cybersecurity is another critical concern for the chinese -- for the technology industry. chinese company bed to is -- baidu is facing challenges. bloomberg got the details. head of cybersecurity
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knows he has a fight on his hands. defenses are tested every minute of every day. hethe most serious case, says a game was put together to steal technology. >> we know somebody tried to hire someone in the underground market to steal the things from us. fromberattacks could come hacking, but from sophisticated international gangs. baidu has responded by boosting its security team, also backing what might be called ethical hackers like the blue lotus team. which have the router, means you have taken control of the phone. >> they showed me how to take control of my phone. out one website,
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and we see hacked by lotus -- blue lotus. >> the professor says there is a growing demand for ethical hackers. they probe for weaknesses that could be dangerous and report them to companies like apple and google. has teamed up with competitors including tencent and alibaba. they are getting bigger and stronger, so we must help each other. we are not enemies. they are an enemy. >> threats are only expected to increase, and china's tech giants are gearing up for the long haul. tom mackenzie, bloomberg, beijing. ♪
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debthan: we can bring up go on the bloomberg, and you can see how it would roll off in the coming years -- 2017, 100 $64 billion. changere big chunks of that are going to roll off the balance sheet if this is an approach you want to take. rishaad: there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here is another function you ic go --d useful -- qu it leads you to quick takes what you get insight into timely topics. this explains why the u.s. supreme court has become so controversial. u.s. supreme court justices are supposed to be protected from the pressures of election
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cycles and political divisions, but in recent years some decisions by the highest court in the land have become more polarized, and its approval rating is sliding. a year-long vacancy on the court highlighted this divide. here's a situation -- in the last year of his presidency, barack obama nominated federal appears scored judge -- appeals court judge merrick garland to replace antonin scalia a, the republicans refuse to hold confirmation hearings. nominatedobama: i merrick garland more than three want to go, but most of publicans, so far, refused to even meet with him. -- >> in this bold move, the gop was betting a republican would win the white house, and the bat paid off. donald johnump: i trump do solemnly swear -- >> president trump nominated conservative judge neil gorsuch.
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if he is confirmed, the court could potentially keep leaning to the right for an entire generation. there have been controversial 5-4 decisions that extended an individual's right to own guns, lifted restrictions on corporate campaign spending, and limit class-action lawsuits. the supreme court carries the power to shift political direction. ,ith supreme court appointment presidents can influence the nation long after terms and, and that is why in recent years presidents have selected judges whose convictions are not likely to shift. >> i am so thankful tonight for my family, my friends, and my faith. -- are is the argument number of important decisions that rest on a 5-4 split has been rising. chief justice john roberts has claimed this could undermine the legitimacy as an institution that transcends politics. then there is the diversity issue -- the slow turnover means
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the court's makeup has lagged behind demographics. half of the justices are still white men. another big concern is there is no recourse when justices appeared to violate ethical standards or hear cases in which they have conflict of interest, appointment mean they can still work after strokes or other mental impairments. term limits.is in a 2015 pokemon americans favored a 10-year -- poll, americans favored a 10-year term limit, but until there is more compromise, change seems unlikely, and the highest court in the land could continue to face divisions and challenges. rishaad: that was just one of c takes. w qui
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i am rishaad salamat. this is bloomberg. ♪
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david: your last name is krzyzewski. it took me a while to learn how to pronounce it. after three years, you had a losing record. mike: a lot of people were calling for my firing. david: you won the national championship. mike: i said we were going to win. we ended up winning one of the greatest games in the history of college basketball. david: last year, you won your third gold medal. to have the national anthem being played, there is nothing better than that. david: what are the most important lessons of leadership? mike: at west point, i learned that failure is not a destination. >> would you fix your tie, please? david: well, people wouldn't

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